Magnusson Says Iceland Hopes for Icesave Deal After Vote

March 5 (Bloomberg) -- Iceland's Economy Minister Gylfi Magnusson talks about the prospect of an agreement with the UK and the Netherlands over guarantees on Icesave bank accounts from failed lender Landsbanki Islands hf. Speaking with Bloomberg's Ryan Chilcote in Reykjavik, he also discusses the contraction of the country's economy.
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In yet another victory for not bowing to the great-and-good of modern orthodoxy, Iceland has won a court ruling that enables it to repay billions of Euros (in failed bank deposits to the UK and Holland) on its own terms. Icesave collapsed in 2008 and left thousands of depositors, who had chased higher yielding deposits, with losses. The Dutch and British governments demanded prompt payment; Iceland denied, preferring (rationally) to repay what they could from the then-bankrupt entity.

Representatives of Iceland, Britain and the Netherlands met in Reykjavik this week to prepare further talks on a new repayment deal to cover the collapse of the Icesave bank, the Icelandic government said Friday."The negotiation committee representing the Icelandic government on the Icesave issue met yesterday and today (Thursday and Friday) with representatives of the UK and Dutch governments in Reykjavik for discussions," the finance ministry said in a statement.